Syndicate Bank targets loan growth of 15% in 2012-13

Syndicate Bank is targeting a loan growth of 15% and net interest margin (NIM) of over 3% in 2012-13. The Udupi-based public sector lender’s global advances grew by 15.94% to Rs 125,617 crore in 2011-12.

Besides, in order to mark the occasion of 88th Foundation Day, Syndicate Bank has launched international gold debit card and RuPay kisan cards. The international gold debit card is targeted for premium segment customers where they would have withdrawal facility of Rs 25,000 a day and point of sale transactions up to Rs 50,000.

The bank has registered a rise of 28.38% in its net profit at Rs 440.22 crore for first quarter ended June 30, 2012 as compared to Rs 342.91 crore for the same quarter in the previous year. Total income of the bank has increased by 21.36% at Rs 4478.06 crore for Q1FY13 as compared Rs 3689.92 crore for the corresponding quarter previous year.